Mercantile Bank (NASDAQ:MBWM) Rating Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of Mercantile Bank (NASDAQ:MBWM) from a sell rating to a strong sell rating in a research note released on Friday, January 5th.

A number of other research analysts have also recently issued reports on MBWM. DA Davidson raised shares of Mercantile Bank from a neutral rating to a buy rating and set a $35.00 price target for the company in a research report on Monday, September 11th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $34.00 target price on shares of Mercantile Bank in a report on Tuesday, October 3rd. Zacks Investment Research raised shares of Mercantile Bank from a hold rating to a buy rating and set a $42.00 target price for the company in a report on Friday, October 20th. Finally, Sandler O’Neill set a $39.00 price objective on shares of Mercantile Bank and gave the company a hold rating in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $37.25.

Shares of Mercantile Bank (NASDAQ MBWM) traded up $0.81 on Friday, hitting $37.45. 32,900 shares of the stock were exchanged, compared to its average volume of 38,411. The company has a market cap of $617.62, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 2.02 and a beta of 0.68. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. Mercantile Bank has a 52-week low of $28.92 and a 52-week high of $38.08.

Mercantile Bank (NASDAQ:MBWM) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Mercantile Bank had a net margin of 22.18% and a return on equity of 8.91%. The company had revenue of $33.25 million during the quarter, compared to analysts’ expectations of $32.20 million. sell-side analysts expect that Mercantile Bank will post 1.91 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Investors of record on Friday, December 8th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $0.76 annualized dividend and a yield of 2.03%. Mercantile Bank’s dividend payout ratio (DPR) is 39.79%.

In other news, Director Thomas R. Sullivan sold 5,800 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $37.29, for a total value of $216,282.00. Following the transaction, the director now owns 20,273 shares of the company’s stock, valued at $755,980.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas R. Sullivan sold 10,739 shares of the business’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $37.04, for a total transaction of $397,772.56. Following the completion of the transaction, the director now directly owns 20,273 shares in the company, valued at approximately $750,911.92. The disclosure for this sale can be found here. Insiders have sold 21,739 shares of company stock valued at $796,835 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Mercantile Bank during the third quarter valued at $144,000. Essex Investment Management Co. LLC purchased a new stake in Mercantile Bank during the third quarter valued at $369,000. Parametric Portfolio Associates LLC raised its stake in Mercantile Bank by 54.1% during the second quarter. Parametric Portfolio Associates LLC now owns 15,053 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 5,286 shares in the last quarter. PDT Partners LLC purchased a new stake in Mercantile Bank during the second quarter valued at $482,000. Finally, New York State Common Retirement Fund raised its stake in Mercantile Bank by 9.3% during the second quarter. New York State Common Retirement Fund now owns 17,700 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 1,499 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors.

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Mercantile Bank Company Profile

Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits.

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